KCC Crop Loan Interest Subvention To Continue In FY23, FY24 Says RBI

Kisan Credit Card: There is good news for crores of...

Kisan Credit Card: There is good news for crores of farmers using Kisan Credit Card. The Reserve Bank of India has decided to continue the subsidy given for short term loans through Kisan Credit Card in the financial years 2023 and 2024 (KCC Interest Subvention). This decision has been taken by RBI.

After this decision, every farmer gets a loan of Rs. 3 lakh for the works related to agriculture. Farmers get 7 percent interest rate on this loan. Out of this 7 percent, the government gets subsidy on 1.5 percent. On the other hand, the farmers who repay this loan on time get a rebate of 3 percent interest rate. In such a situation, farmers get loan at only 4 percent interest rate for taking a loan of 3 lakhs on Kisan Credit Card.

Subsidy will continue in the financial year 2023-24
Through the Kisan Credit Card (KCC), the government gives a loan of 3 lakhs to the farmers. The government charges only 4 percent interest rate on this loan. Farmers can use this money for all works like farming, dairy farming, bee keeping etc. Apart from this, farmers can also take money for fertilizers, seeds etc. Now the government has decided that under the Interest Subvention Scheme (ISS), farmers will continue to get exemption in the financial years 2022-23 and 2023-24 under the Kisan Credit Card. The Central Reserve Bank has given information about this on Wednesday. The benefit of this discount will be available to the customers of Public Sector Bank, Private Sector Bank, Small Finance Bank and Co-operative Bank.

These documents are required to apply for KCC-

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  • Voter ID Card
  • Aadhaar Card
  • Driving License
  • Passport
  • farmer’s land papers

How to apply for KCC-
You can apply offline for Kisan Credit Card by visiting any bank. For this, you have to go to the bank and fill the application (KCC Application Form). Along with this all the documents have to be submitted. After this the bank will cross verify all your documents. With this you will get Kisan Credit Card. Apart from this, you can also apply for KCC by visiting the official website of the bank.

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